Recycling assets of Ontario company acquired by Fox Petroleum

Development stage company Fox Petroleum Inc. has bought the recycling assets of Hamilton, Ont.-based Resource Polymers Inc.

According to a Fox Petroleum press release, the acquisition was completed by a share exchange agreement in the summer of 2010 but closed in late-February; Fox Petroleum exchanged 1,750,000 shares of restricted common stock and assumed the debts of Resource Polymers when the transaction was announced.

The acquisition is New York City-based Fox Petroleum’s first move into the plastics recycling business, the press release continued.

According to its website, Resource Polymers is a provider of recycling services, and purchases “most major thermo-plastic compounds.” The company, described by Fox Petroleum as a “holding company for the assets associated with its recycling operations”, was incorporated in 2002.

“Fox Petroleum’s goal is to become an important partner for leading recycling companies who need proficient services,” the Fox Petroleum press release said. “We expect the Canadian subsidiary, which will become carbon neutral, will process up to 30 million lbs. of post-industrial and post-consumer scrap plastics per year, with revenues approaching US$5 million per year at these processing levels.”